Market Update

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Buyer demand for Maine’s real estate is strong and for-sale home inventory is historically low. According to Maine Listings, the median sales price (MSP) for a single-family existing home in Maine rose 15.57% to $255,300 and sales volume jumped 18.38% comparing January 2021 to January 2020. 

Coming off 2020, the best year ever for sales volume, we are struggling with historically low for-sale inventory statewide. Buyers are facing far fewer available home choices and sellers are reluctant to list their properties without their next move-in property in place. Buyer demand is strong, and a continuing positive trajectory for 2021 is dependent on homes for sale coming onto the market. 

The National Association of Realtors reported a 23% rise in sales of single-family existing homes across Cumberland Country comparing January 2021 to January 2020.  Home prices jumped 14.8% percent over January 2020, reaching a national MSP of $308,300 in January 2021. 

This high demand, low supply dynamic can be challenging for buyers and for sellers.  Rely on your REALTOR® for local market knowledge, your "next move" strategy, and negotiating expertise. 

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